10 Most Affordable Online MBA Programs in Illinois

Chicago is one of the major economic hubs of the Midwest, and as a result, Illinois is a popular place for Master of Business Administration (MBA) programs. Although MBAs can be pricey, there are many affordable online MBA degrees, including several in Illinois.

A good MBA helps students further their business knowledge and enhance their leadership skills. Keep reading to discover the most affordable online MBAs in Illinois.

Cheapest Online MBA Programs in Illinois

Many of the best-value online colleges in Illinois offer MBA programs; in fact, there are over two dozen online colleges in Illinois offering MBAs, and many of those have low tuition rates. Below, we've highlighted the cheapest online MBAs in Illinois.

Note that all schools listed are accredited online colleges that accept FAFSA, which allows MBA students to lower their tuition costs even further.

1. Olivet Nazarene University

Olivet Nazarene Univerzity is a private Christian school in Bourbonnais, IL. It offers an online MBA that teaches students to lead with confidence, adapt to changing business landscapes, and achieve their personal and professional goals. Several specializations are available, including:

• corporate communications
• healthcare leadership
• intercultural competence
• nonprofit management

The 36-credit program has a tuition rate of about $333 per credit or $12,000 in total. Students can finish in as few as 12 months, and new start dates are offered every eight weeks.

2. Eastern Illinois University

At Eastern Illinois University, students can earn an MBA online and graduate prepared for leadership roles in today's dynamic business environment. Concentrations are available in accountancy, applied management, geographic information systems (GIS), and research.

EIU, a public university, is located in Charleston, IL. The MBA is offered through the Lumpkin College of Business and Technology and is accredited by the Association to Advance Collegiate Schools of Business (AACSB). It requires 33 credits and costs $344.28 per credit for in-state residents and $826.23 per credit for out-of-state residents.

3. University of Illinois at Urbana-Champaign

The University of Illinois Urbana-Champaign offers an online MBA, which they call their ''iMBA,'' through the Gies College of Business. UIUC is a public research university and the flagship campus of the University of Illinois System.

The AACSB-accredited iMBA program offers several specializations, including business analytics, digital marketing, entrepreneurship and strategic innovation, and global challenges in business. It requires 72 credit hours and takes two to five years to complete. Tuition is $363 per credit hour for a total of $26,136.

4. Western Illinois University

The online MBA at Western Illinois University is a 33-credit, AACSB-accredited program. It offers 10 concentrations, such as agriculture business, human resource management, information systems, and supply chain management.

WIU, a public university, is located in Macomb, IL. It charges a tuition rate of $393.90 per credit for in-state and out-of-state students, and most students finish in around two years.

5. Illinois Institute of Technology

The Illinois Institute of Technology is a private research university in Chicago. It offers an MBA program through the online learning platform Coursera. The program offers a specialization in business and technology for those who want to prepare for career opportunities in tech.

The AACSB-accredited program requires 36 credits and can be completed in as little as one year. Tuition is about $417 per credit hour for a total tuition cost of $15,000.

6. University of Illinois Springfield

Students at the University of Illinois Springfield can earn a low-cost MBA online that helps them develop an understanding of key concepts and contemporary management theory and practice in the functional areas of business. They have the option to focus their studies on areas like:

• artificial intelligence
• cybersecurity
• healthcare analytics
• project management

UIS, a public university, is located in Springfield, IL. The program is accredited by the AACSB and takes about two years to complete. It requires 30 credit hours in total and has a tuition rate of $424.75 per credit.

7. Governors State University

Governors State University offers an online MBA with an optional specialization in supply chain management. GSU is a public institution in University Park, IL.

The MBA equips students with skills to manage organizations and increase profitability. while the supply chain option provides students with the knowledge they need to optimize supply chains in businesses of all sizes. The AACSB-accredited program requires 36 credits and can be completed in as few as 18 months. The tuition rate is $436 per credit hour.

8. Greenville University

The online MBA at Greenville University prepares working professionals for in-demand leadership careers. Core courses cover topics like international business, organizational theory, risk management, and marketing management.

Greenville University, located in Greenville, IL, is a private Christian institution. Its MBA is designed for working professionals and allows students to finish their business education within two years. Tuition is $515 per credit.

9. Southern Illinois University Edwardsville

Southern Illinois University Edwardsville is a public institution in Edwardsville, IL. It offers an AACSB-accredited online MBA with specializations such as:

• business analytics
• healthcare administration
• management information systems
• project management

The program is meant to develop the professional capabilities of managers working in business. It requires 36 credits and charges $538.55 per credit hour.

10. Southern Illinois University Carbondale

Through Southern Illinois University Carbondale, students can earn an MBA online. The online program provides students with advanced managerial expertise and offers concentrations in business analytics, finance, and marketing.

SIU, a public research university, is located in Carbondale, IL. Its online MBA is accredited by the AACSB and has a tuition rate of $540 per credit hour.

Our Selection Criteria

To choose the inexpensive online MBAs featured above, our methodology focused on:

• Location: All schools on this list are located in Illinois.
• Accreditation: Every institution is regionally accredited by the Higher Learning Institution (HLC) and many of the business programs hold programmatic accreditation as well.
• Type: We only included public or private non-profit schools on this list.
• Affordability: We found the lowest-cost MBAs that matched the parameters above.

Can You Get Financial Aid for an Online Master of Business Administration?

Even if you choose a cheap MBA program online, you can still use financial aid to help lower the costs. Examples of financial aid for MBA programs include:

• scholarships
• grants
• assistantships
• employer tuition assistance

All students should fill out the Free Application for Federal Student Aid (FAFSA). This allows you to qualify for federal and state aid as well as some programs through your college or university.

Scholarships Available for Affordable Online MBA Programs in Illinois

Scholarships are a type of financial aid that you don't need to repay. There are many places you can find scholarships, including through your college or school.

For example, the Foster C. Rinefort Scholarship at EIU is available to MBA students demonstrating financial need. The amount varies, but students can receive it for more than one year.

Additionally, the Gies College of Business at UIUC offers a limited number of competitive scholarships for MBA students. These scholarships cover up to 70% of tuition and are awarded based on need and essay submissions.

What To Expect From an Online MBA Degree Program in Illinois

Every MBA program is a little different, but there are a few things they typically have in common. Most require students to have at least a bachelor's degree, and many have a minimum undergraduate MBA. Other requirements may include:

• GRE or GMAT scores
• prerequisite courses
• letters of recommendation
• personal essays
• resume or work experience

Most online MBA programs offer their online courses in an asynchronous format. This means that while you have specific due dates, you can complete your coursework at your own pace on your schedule, without in-person obligations.

You'll typically have a number of core courses that you'll need to take, and many programs also offer students the option to choose electives or a concentration. Some programs require a capstone project or real-world learning experience, like an internship.

MBA Concentrations

Concentrations or specializations are common in MBA programs. They allow future business leaders to focus on the area of business they want to pursue. Some common concentrations include:

• accounting
• business analytics/data analytics
• entrepreneurship
• financial management/financial analysis
• healthcare management
• human resources management
• information technology/information systems
• marketing management
• nonprofit management
• operations management
• organizational management
• project management
• supply chain management

FAQs About Cheap MBA Programs Online in Illinois

Earning an MBA can sharpen your decision-making skills and propel you into the job market. Below, we've answered a few FAQs about inexpensive online MBAs to help you choose the right program.

What Is the Cheapest Online MBA Program in Illinois?

There are multiple cheap MBA programs online in Illinois, but the least expensive is at Olivet Nazarene University. The tuition rate is just $333 per credit hour, and it's also the cheapest online MBA with no GMAT requirements in the state.

What Are the Admission Requirements for an Online MBA in Illinois?

Admissions requirements vary between MBAs. You'll need a bachelor's degree, and often will need a minimum GPA. You may also need to provide things like GMAT or GRE scores, letters of recommendation, or personal essays.

How Much Can I Make With an Online MBA Degree in Illinois?

The amount that MBA graduates can make in Illinois depends on multiple factors, like where in the state you live, what area of business you pursue, and what experience you have. However, according to the University of Illinois-Chicago, the average starting salary of MBAs in the area is about $101,000 per year.

Discover Accredited Master's Degrees

Reach your business career goals by exploring the online MBAs featured on Learn.org. Contact individual schools to learn more about admissions, enrollment, and financial aid.